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Two Ways To Play: NiCOX Gets Over Morning Bug

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Strengthen your portfolio in good times and bad.

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NiCOX Rebounds After Pfizer Hit

According to Bloomberg, French drug maker NicOX rebounded in European trading after its CEO said its naproxcinod, an experimental treatment for osteoarthritis, "will be a success."

The stock rose as much as 8% reversing a decline of as much as 6% earlier in the session because Pfizer (PFE) opted not to undergo Phase III studies in Asia for its glaucoma treatment. Both companies had been working for years to develop the drug, but Pfizer decided against moving on because a study in Japan failed to reach its goal. Instead, the parties will now focus on a joint effort for a treatment of eye disease linked to diabetes.

From the Bull Pen: Those bullish on Pfizer can play the upside; near term sell-stops can be set below $19. Another option is also the biotech ETF (IBB); a drop towards the $85-83 level could be an interesting point as it marks the 50-60% Fibonacci retracement levels.

From the Bear Cave: It may be a little early, but a rally to $40 for Merck (MRK) could be an opportunity for a downside play. Buy-stops can be set above that level, if and when it gets there.


Broadcom Gets Digital TV

According to Bloomberg Broadcom (BRCM) has agreed to buy the digital television unit of Advanced Micro Devices (AMD) for a little over $192 million in cash. The maker of chips for Nintendo's (NTDOY) Wii console said the acquisition will form the core of BRCM's DTV business. AMD CEO Dirk Meyer said the sale will aid the company in strengthening the balance sheet and other key financial targets. AMD is the world's second largest maker of PC processors. Both companies expect the transaction to close in the fourth quarter.

From the Bull Pen: Professor Sean Udall has positively mentioned Broadcom previously. A fall back towards the $25 mark could be an opportunity to reload. Sell stops can be set below $24.70.

From the Bear Cave: For tech plays, is Cisco (CSCO) the better downside play? Buy-stops can be set above the 200 DMA ($25.20).


For more ideas in real time throughout the trading day, check out Minyanville's Buzz & Banter.


Quick Check Around the World

Asian trading closed in the green with the Hang Seng +3.50%, Nikkei +1.68%, Sensex +0.34%, Taiwan +1.72% and Shanghai +0.34%.

A quick check across the pond finds the CAC -0.47% -0.47%, DAX -0.20%. The FTSE was closed due to a holiday.

As of 8:25 AM EST, S&P Futures are lower 2.4 points to 1289, and Nasdaq futures are down 2 points to 1927.


A Look At Commodities

Crude oil is higher by $0.50 to $115.14. Gold is lower 10.50 points to $823.10. Silver is off $0.117 to $13.365, and copper is down $5.25 to $350.85.

The dollar index is lower 0.24 to 76.783.


On the Radar

Economics

10:00 Existing Home Sales: 4.91 mln cons.
10:00 Existing Home Sales (m/m): 0.9% cons.

Click here for the full trading radar.


Happy Monday and good luck today!
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No positions in stocks mentioned.

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